Premier Central Florida Internal Medicine Practice, 30-Year Value-Based Primary Care Practice in Oviedo, FL

$1.5M

Revenue

$721K

SDE

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Full Editorial Writeup

This is a 30-year-old internal medicine practice in Oviedo, Florida, operating as a recognized Patient-Centered Medical Home (PCMH) built on a value-based care model. It generates roughly $1.5 million in annual revenue with an adjusted EBITDA of $721,182, which is a striking 48 percent margin for a primary care operation. Services span the full continuum of adult primary care: preventive visits, chronic disease management, Medicare Annual Wellness Visits, transitional care management, behavioral health screenings, women's preventive services, immunizations, and in-house diagnostics.

The practice sits in one of Central Florida's fastest-growing markets, with a loyal patient base, diversified payer relationships, and established referral networks. The value-based reimbursement model matters here: instead of pure fee-for-service, the practice earns on quality metrics, wellness compliance, and managing chronic conditions across a defined patient panel, which produces stickier, more predictable revenue than a transactional clinic.

What makes this notable is the combination of an aging, growing Central Florida population, a PCMH designation that opens up higher-margin care management billing (CCM, RPM, AWVs), and margins that suggest a lean, well-run operation. It is priced to attract an individual physician, a medical group looking to add a location, or a healthcare platform rolling up primary care. The seller is not disclosed as retiring, and the practice runs on a lease, so this is a clean operations-only going concern.

Why we like it

Earnings quality is exceptional for the category: $721k EBITDA on $1.5M revenue is a 48 percent margin, well above typical primary care benchmarks. The value-based care and PCMH model produces recurring, panel-based revenue tied to Medicare wellness visits and chronic care management rather than one-off visits, which smooths cash flow.
Durability and moat come from 30 years of operation, a loyal patient base, and established referral relationships in the community. Switching costs for patients are high in primary care, and the PCMH designation plus diversified payer contracts create real barriers that a new pop-up clinic cannot easily replicate.
The market tailwind is demographic and structural: Oviedo and Central Florida are among the fastest-growing regions in the country, with a steady inflow of aging residents who need exactly this kind of ongoing internal medicine care. The national shift toward value-based reimbursement further rewards practices already built around that model.
The operator advantage is clear headroom without heavy capital: adding one advanced practice provider, expanding CCM and RPM programs, and tightening coding and revenue cycle can lift EBITDA meaningfully. These are execution levers, not moonshots, and the demand is already there.
This is a genuinely recession-resistant asset. Primary care, chronic disease management, and Medicare-covered services get paid regardless of the economic cycle, and a large share of revenue is government or insurer funded rather than discretionary out-of-pocket spend.

How to improve it

Add an advanced practice provider (NP or PA) within the first 90 days to expand patient capacity without adding a full physician salary. With population growth already driving demand, incremental panel additions flow to the bottom line at high margin given the fixed office overhead.
Build out Chronic Care Management and Remote Patient Monitoring programs aggressively. These are recurring monthly per-patient billing streams under Medicare that most practices underutilize, and given the aging panel here, enrollment could add six figures of high-margin recurring revenue.
Run a coding and revenue cycle audit immediately. Value-based practices routinely leave money on the table through under-coded risk adjustment (HCC/RAF) and missed Annual Wellness Visit capture, and improving documentation can raise reimbursement per patient without seeing a single new person.
Systematically maximize Medicare Annual Wellness Visit completion across the panel. These visits are high-margin, drive downstream care management enrollment, and improve the quality metrics that boost value-based bonus payments.
Launch a targeted digital marketing and community outreach push to capture the inflow of new Central Florida residents. A practice with 30 years of goodwill should dominate local search and physician referral channels in a growing catchment.
Extend office hours or add evening/weekend availability to convert unmet demand into visits. In a fast-growing market with capacity constraints, hours are often the cheapest lever to add revenue against fixed rent and staff.
Renegotiate or diversify payer contracts to shift more revenue toward the highest-value arrangements. Layering in additional Medicare Advantage value-based contracts can add shared-savings upside on the existing panel.

Diligence notes

Confirm the EBITDA definition and add-backs. A 48 percent margin is outstanding but unusual, so verify whether physician owner compensation has been fully normalized to a market replacement salary. If the current owner-physician's clinical labor is not fully expensed, true post-acquisition EBITDA under a hired physician could be materially lower.
Scrutinize payer mix and value-based contract terms. Understand the split between fee-for-service, Medicare Advantage, and shared-savings arrangements, since concentration in one payer or one MA plan is a real risk if that contract is renegotiated or lost.
Assess provider dependence and transition risk. Determine how much revenue and patient loyalty is tied to the departing owner-physician personally, whether patients will stay through the handover, and what non-compete and continuity commitments the seller will make beyond a general transition period.
Review the lease terms carefully since the real estate is not included. Confirm remaining term, renewal options, rent escalators, and whether the location can support the added providers needed to grow, because a short or unfavorable lease could constrain the growth thesis.
Verify the PCMH designation, compliance, and billing integrity. Confirm the practice is current on certification, and audit coding practices to ensure the strong margin is not partly driven by aggressive risk-adjustment coding that could trigger Medicare audit or clawback exposure.
Since the asking price is not disclosed, establish the multiple relative to normalized post-acquisition earnings. Primary care practices typically trade at 3 to 5x EBITDA, so anchor negotiations to a fully burdened EBITDA figure rather than the seller's adjusted number.

Source

Originally listed on BizBuySell. View original listing →